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Swing Trade Idea – September 22, 2022

Color Key: Positive – Negative – Neutral

Market Setup- Pre 830ET

•Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Bearish  global set-up

•Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

•Yields: Yields higher

•US$ +.34% EUR -.43% YEN +1.2% GBP -.4%

•News: USA: UE Claims 830ET, CB leading index, FOMC dot plot raised in 2023

Japan: Intervened to support Yen

UK: +75bps

•Stocks: DRI -3% EPS,  LI+5.9% lauch new vehicles; HOOD +8.7% VIRT +9%  SEC allowing payment for order flow;

Metals BHP RIO LTHM CRM +2.5% investor day; STNG +2.7% share buyback

•General:

Leading: Brazil Bitcoin Energy Financials,  Gold Miners, ARKK 

Lagging: Euro, TLT

•Indices: USA and global indices pulled back post FOMC and are rising premarket.  SPY is below 380 major gamma level which is acting as resistance but can lead to a squeeze above. Support 375  & 370 with resistance 380, 385 and 390. QQQ 284 below 285 gamma level with resistance 290, 295 and support 280. VIX 28 implies 1.9% daily move. VIX futures are inverted which is a warning flag today. While SPY < 280 risk is high

•Stocks to watch  CRM FCX APA  TSLA AAPL  AMZN NVDA  Spec Names HOOD  LI

Pre-800ET

Earnings ACN DRI KBH LEN TCOM

Indices EWZ /btc KWEB XLE EFA XOP GDX ICLN GLD /6e QQQ TLT

S&P500 CRM LLY FCX WYNN APA DRI

IWM SAVA STNG RVNC NVAX

WSB NIO BABA NVDA AMZN

Trade Idea: SLV
Silver has been gaining strength inspite of a strong US$. Call buyers strong in Oct/Dec 18 and 19 strikes.  Premarket high 18.17 can be used for a momentum trade or look for a pullback > 17.98. Targets 19.17 and 20.